It has been reported that he began buying ETH back in 2016 when the price was slightly above $2.
“I put my whole tax return in 2016 and threw a couple hundred at it whenever I could. I didn’t buy a car and biked to work to save money. I remember at the time thinking there was about a 1/3 chance it would 100x, so there was an asymmetrical risk/reward in my opinion.”
According to him, he sold off a “large chunk” of his Ether “coins” during the 2017 bull run. However, he held on to the remaining ETH until January 2021.
One Redditor says he has liquidated his five-year-old ETH stash and is now financially independent with plans to buy a house for his parents later in the year. https://t.co/uItL5Iua1h — Cointelegraph (@Cointelegraph) January 21, 2021
The report said that another Redditor on the thread unearthed the first-ever post from the u/FollowMe22’s account detailing the latter’s initial intention to buy and hold ETH for the long-term, stating:
“I’m looking to buy about 250 ETH, but I’m very new to the cryptocurrency world and not very technically savvy. I’ve been doing a lot of reading on the Ethereum subreddits, but before signing up for Kraken I wanted to get some feedback from the trading community because there aren’t many posts specifically about buying ETH with USD… I do plan to hold ETH for long-term.”
Likewise, the early Ether investor said that he realized an average of 14,900% in long-term capital gains on his cost basis. At 27, the early Ether buyer said that he is now financially independent and plans to buy a house for his parents later in the year.
As per the sources, Ether is up almost 60,000% in the last five years and has twice crossed the $1,400 mark, in January 2018 and most recently in January 2021.
Thus, according to Fundstrat Global Advisors analyst, David Grider, ETH price could reach $10,500.